Oil creeps closer to $60 but resistance looms

Technical Analysis

Author: Adam Button | oil

Oil higher for fourth day

Breaking above $60 would be a significant milestone for crude. It would push it back above where it started to 2018.

Before it can get there, it will need to rally above the 50% retracement of the Q4 rout, which is at $59.63.
Oil higher for fourth day
The gains today came after some hawkish talk from OPEC, who urged producers to prevent a return to surplus.

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